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On October 3rd, gold futures prices once again broke through the $3,900 per troy ounce mark this week. Saxo Bank analyst Hansen said that the US government shutdown has injected new safe-haven demand for precious metals. Hansen said in a report: "Typically, when parts of Asia are on holiday, physical demand tends to ease, and there is usually a risk of a price decline, but this has not yet occurred."U.S. House Speaker Johnson: We can discuss medical subsidies in October.On October 3rd, European Commission President Ursula von der Leyen stated: "Meetings with Stellantis and Ferraris Johan Elkann went well. The growth of the electric vehicle market is an encouraging sign. We have developed an action plan for the automotive industry. From a €1.8 billion plan to increase battery production to initiatives specifically targeting affordable electric vehicles, we aim to reduce costs and increase production in Europe."On October 3rd, Japans Liberal Democratic Party (LDP) will hold voting for its presidential election on the afternoon of the 4th, local time. There are five candidates: current Minister of Agriculture, Forestry and Fisheries Shinjiro Koizumi; current Chief Cabinet Secretary Yoshimasa Hayashi; former Ministers of Economic Security Sanae Takaichi and Takayuki Kobayashi; and former LDP Secretary-General Toshimitsu Motegi. The LDP previously announced the voting schedule for the day: voting by party members of parliament will begin at 1:00 PM local time on the 4th, with the results of the first round announced around 2:10 PM. If no candidate secures a majority in the first round, the final round will proceed, with the results expected to be announced around 3:20 PM. A press conference for the new LDP president is scheduled for the evening of the same day.Canada Post: Due to the companys financial situation, employee signing bonuses are no longer considered. Laid-off employees will retain the right to be recalled within two years, continue to accrue seniority, and use the Supplemental Employment Benefits Program.

GBP/USD Price Analysis: Targets a Breakout above 1.2100 from the Descending Triangle

Daniel Rogers

Dec 30, 2022 12:01

 GBP:USD.png

 

In the Asian session, the GBP/USD pair is doing poorly due to investors' reluctance to acquire substantial positions due to the holiday market sentiment. The Cable is fluctuating within a 10-pip band below 1.2060 and will likely continue to do so in the foreseeable future.

 

Following a decline to approximately 103.50, the US Dollar Index (DXY) has attempted a recovery. As risk appetite improved on Thursday, the USD Index witnessed a big fall. The yield on 10-year US Treasury bonds slipped below 3.83 percent during early trading.

 

The Cable is building speed in anticipation of an hourly breakout from the chart pattern of a Descending Triangle. The major currency is hovering near the downward-sloping trendline drawn from the high of December 19 at 1.2242, while the horizontal support of the previously described chart pattern is placed at the low of December 22 at 1.1992.

 

The pair is trading above the 20-period Exponential Moving Average (EMA) above 1.2050, indicating a strong near-term rise.

 

A consolidation is coming as the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00. A breakout of the bullish zone between 60.00 and 80.00 will trigger bullish momentum.

 

Should the Cable firmly surpass the high of 1.2112 on December 27, Pound Sterling bulls would drive the asset to the high of 1.2189 on December 21, followed by the high of 1.2242 on December 19.

 

In contrast, a significant slide below the low of December 22 at 1.1992 will cause the Descending Triangle to collapse and drag the Cable to the low of November 29 at 1.1940. A breach below this level would expose the pound to more weakness near the low reached on November 30 around 1.1900.

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